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AIM star to ominous accounting – what’s gone wrong at Fulcrum?

Fulcrum workers attending a gas pipe

Having been regarded an AIM-gem less than two years ago, Fulcrum is now being included in a list which includes Yu Group, Staffline and Patisserie Valerie – companies which have been unravelled by accounting problems. So, what exactly has gone wrong at Fulcrum and can it turn things around? 


It wasn’t that long ago that Fulcrum (LON: FCRM) was used as an example of AIM’s often overlooked excellence. A solid company with impressive repeat sales, a valuable network of assets and excellent capacity to generate cash. Things have changed very quickly. The company’s over-ambitious expansion plans have unwound the excellent work of former chief executive Martin Donnachie who left in mid-2017 having transformed the company from a beleaguered offshoot of National Grid, to a fast-growing utility specialist. Today it has been forced to delay the publication of its preliminary results because the auditors are re-assessing non-cash items.

Having been regarded an AIM-gem less than two years ago, Fulcrum is now being included in a list which includes Yu Group, Staffline and Patisserie Valerie – companies which have been unravelled by accounting problems. So, what exactly has gone wrong at Fulcrum and can it turn things around?

Fulcrum was spun out of the National Grid in 2010 but it wasn’t until…

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